What is the Definition of Prime Rate?

What is the Definition of Prime Rate?

Interest rate that banks charge to their most creditworthy customers. Banks set this rate according to their cost of funds and market forces.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Prime Rate?

You can find random definition and meaning of insurance terms below:


What is the meaning of Personal property

All other property not classified as real property, and which is easily moved. This includes furniture, clothing and household goods.


What is the meaning of Personal Umbrella Policy

An extra layer of liability protection for your assets if there's a serious auto accident or accident on your property and damages exceed the limits of your auto or homeowners coverage limits.


What is the meaning of Physical damage

Visual damage to a policyholder's residential property or vehicle.


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